D-Wave Quantum (NYSE:QBTS) Hits New 12-Month High - Here's Why

Shares of D-Wave Quantum Inc. (NYSE:QBTS - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $17.59 and last traded at $16.59, with a volume of 307652793 shares changing hands. The stock had previously closed at $13.15.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on QBTS shares. Needham & Company LLC boosted their price objective on shares of D-Wave Quantum from $8.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. B. Riley lifted their target price on shares of D-Wave Quantum from $11.00 to $12.00 and gave the company a "buy" rating in a report on Friday, March 14th. Benchmark increased their price target on D-Wave Quantum from $8.00 to $14.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Roth Mkm raised their price objective on D-Wave Quantum from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $10.17.

D-Wave Quantum Stock Up 26.2%

The business's 50 day moving average price is $8.34 and its 200-day moving average price is $6.35. The company has a market cap of $4.83 billion, a PE ratio of -39.50 and a beta of 0.90.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $15.00 million for the quarter, compared to analyst estimates of $10.50 million. Equities analysts expect that D-Wave Quantum Inc. will post -0.41 earnings per share for the current year.

Institutional Trading of D-Wave Quantum

Hedge funds and other institutional investors have recently modified their holdings of the business. Fourth Dimension Wealth LLC purchased a new position in D-Wave Quantum in the fourth quarter valued at about $26,000. PNC Financial Services Group Inc. acquired a new position in shares of D-Wave Quantum in the 4th quarter valued at approximately $38,000. Russell Investments Group Ltd. boosted its stake in shares of D-Wave Quantum by 133.9% during the 1st quarter. Russell Investments Group Ltd. now owns 5,528 shares of the company's stock valued at $42,000 after buying an additional 3,165 shares during the last quarter. Signaturefd LLC grew its position in shares of D-Wave Quantum by 106.1% during the first quarter. Signaturefd LLC now owns 5,771 shares of the company's stock worth $44,000 after buying an additional 2,971 shares in the last quarter. Finally, Amalgamated Bank increased its stake in shares of D-Wave Quantum by 107.8% in the first quarter. Amalgamated Bank now owns 6,296 shares of the company's stock worth $48,000 after buying an additional 3,266 shares during the last quarter. 42.47% of the stock is owned by hedge funds and other institutional investors.

About D-Wave Quantum

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.

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